1. It's like a smaller, regional version of Bank of America, but focused on the Northeastern United States.

2. Think of it as a full-service regional bank, similar to a PNC or a Regions Financial, but specifically operating across several Northeastern states.

• Deposit Accounts: The company offers various deposit products including demand, savings, money market, and certificate of deposit accounts.
• Loan Products: NBT Bancorp provides a comprehensive portfolio of loans, such as commercial, industrial, real estate, agricultural, consumer, home equity, and residential mortgages.
• Wealth Management Services: These services encompass trust and investment management, financial planning, life insurance, and retirement plan consulting and recordkeeping.
• Insurance Products: The company offers a range of insurance products including personal property and casualty, business liability, and commercial insurance.

1. Individual Consumers

   This category includes customers seeking retail banking services such as checking, savings, and money market accounts; various consumer loans including mortgages, home equity, and direct/indirect consumer loans; as well as wealth management services like financial planning, trust and investment services, and life insurance. Individuals also utilize personal property and casualty insurance products.

2. Commercial Businesses

   This category encompasses a diverse range of businesses, from small to medium-sized enterprises, requiring commercial banking products. These include commercial and industrial loans, commercial real estate loans, agricultural loans, commercial construction loans, and business banking services. Businesses also procure commercial liability and other commercial insurance products.

Scott A. Kingsley, President and Chief Executive Officer

Scott A. Kingsley became President and Chief Executive Officer of NBT Bancorp Inc. in May 2024. He initially joined NBT in 2021 as Executive Vice President and Chief Financial Officer. Mr. Kingsley brings nearly 40 years of experience to his role. Before joining NBT, he was a member of the management team at Community Bank System, Inc. for 16 years, serving as Chief Operating Officer and previously as Chief Financial Officer. His career began at PricewaterhouseCoopers, LLP, and he later held financial and operational leadership positions at Carlisle Companies, Inc., a publicly traded global manufacturer and distributor. He is a Certified Public Accountant.

Annette L. Burns, Executive Vice President and Chief Financial Officer

Annette L. Burns was appointed Executive Vice President and Chief Financial Officer in May 2024. She joined NBT in 2013 following the company's acquisition of Alliance Bancorp. Ms. Burns has 30 years of experience in accounting and finance, having started her career at PricewaterhouseCoopers, LLP. At NBT, she previously served as Corporate Controller, Senior Corporate Controller, and Chief Accounting Officer. She is a Certified Public Accountant.

Joseph R. Stagliano, Senior Executive Vice President and President of NBT Bank, N.A.

Joseph R. Stagliano was promoted to President of NBT Bank, N.A. in 2024. He has over 30 years of experience in the financial services industry. Mr. Stagliano joined NBT in 1999 and, in 2006, was promoted to Chief Information Officer and became a member of the Executive Management Team. He assumed responsibility for Retail Banking in 2016 in addition to his Chief Information Officer duties, and in 2018, he was named President of Retail Banking. Prior to NBT, he was employed by MetLife.

Sarah A. Halliday, Executive Vice President and Chief Commercial Innovation Officer

Sarah A. Halliday has more than 30 years of experience in banking and commercial lending.

Shauna M. Hyle, Executive Vice President, Retail Community Banking

Shauna M. Hyle was named Executive Vice President, Retail Community Banking, in May 2024. Before joining NBT, she was a manager with PricewaterhouseCoopers, LLP, providing audit and attestation services. She is a Certified Public Accountant.

The key risks to NBT Bancorp (NBTB) primarily stem from its operations as a regional financial institution.

1. Interest Rate Fluctuations

   NBT Bancorp faces significant exposure to fluctuations in interest rates, which can adversely affect its net interest income, a primary driver of profitability. Variations in interest rates can impact the company's net interest margin, reduce loan origination volumes, and increase funding costs. Conversely, low rates could lead to asset prepayments and lower yields.

2. Commercial Lending Risks and Loan Quality

   A substantial portion of NBT Bancorp's loan portfolio is concentrated in commercial lending, accounting for 56% of its total loans. This focus exposes the company to elevated risks of non-payment and potential losses compared to residential mortgages. The adequacy of its allowance for credit losses is crucial, as an insufficient allowance could materially impact its financial condition. Recent concerns in the broader market regarding regional banks' exposure to private credit markets and commercial real estate (CRE) payoffs further sharpen the focus on NBT Bancorp's loan quality and credit risk management.

3. Regulatory Risks

   Having exceeded $10 billion in total consolidated assets, NBT Bancorp is subject to a more stringent regulatory environment. This includes increased capital, leverage, liquidity, and risk management standards. Compliance with these enhanced requirements can necessitate significant resource allocation and may limit the company's operational flexibility and growth potential, thereby impacting its financial results.

The clear emerging threat for NBT Bancorp is the rise of digital-first financial service providers, including fintech companies and neobanks. These entities leverage advanced technology and leaner operational models to offer banking services such as deposits, payments, and various loan products directly to consumers and businesses, often with superior digital user experiences, lower fees, or more competitive interest rates than traditional banks. Unlike NBT Bancorp, which operates with a significant physical branch and ATM network, these digital-native competitors bypass the overhead of traditional infrastructure, allowing them to rapidly acquire customers who prioritize convenience, digital accessibility, and a seamless online/mobile experience. This trend poses a threat by potentially eroding NBTB's deposit base, attracting away customers seeking more agile financial solutions, and intensifying competition for loans and other financial services.

NBT Bancorp (symbol: NBTB) operates within several significant addressable markets in the United States, offering commercial banking, retail banking, wealth management, and insurance services. The market sizes for these key product and service categories are detailed below for the U.S. region.

Commercial Banking

• The U.S. commercial banking market was valued at approximately USD 226.44 billion in 2024 and is projected to grow to USD 269.28 billion by 2029. Other estimates place the U.S. commercial banking market at USD 229 billion in 2023, expected to reach USD 339 billion by 2032.
• The U.S. commercial real estate (CRE) mortgage market, a component of commercial banking, includes approximately USD 4.5 trillion backed by income-producing properties and USD 470 billion in construction loans as of March 2023. Total CRE mortgage borrowing and lending was estimated at USD 498 billion in 2024. Additionally, commercial real estate loans held by all commercial banks in the U.S. were about USD 3.07 trillion in February 2026.

Retail Banking

• The U.S. retail banking market was valued at USD 870 billion in 2025 and is expected to reach USD 1,112.2 billion by 2031. Another report estimates the U.S. retail banking market generated USD 1.28 trillion in revenue in 2025.
• The U.S. home mortgage market was valued at approximately USD 180.91 billion in 2023 and is projected to grow to about USD 501.67 billion by 2032. Total single-family mortgage origination volume in the U.S. is expected to reach USD 2.2 trillion in 2026.
• The broader U.S. consumer lending market, which includes various types of consumer loans, has a market size of USD 27 trillion as of January 2025. The U.S. personal loans market was valued at USD 429.78 billion in 2025 and is projected to grow to USD 1,521.91 billion by 2034.

Wealth Management Services

• The global wealth management market was valued at USD 1.83 trillion in 2024 and is projected to reach USD 5.95 trillion by 2033, with North America holding a dominant share. The wealth management market size in the U.S. is expected to increase by USD 469.1 billion from 2025 to 2030.
• For retirement plan consulting and recordkeeping services, the U.S. retirement market held approximately USD 30 trillion in assets under retirement-related accounts as of 2024. Total U.S. retirement assets amounted to USD 48.1 trillion as of September 30, 2025. The U.S. Pension Funds Market was valued at USD 6.12 trillion in 2024 and is expected to reach USD 10.24 trillion by 2030.

Insurance Products

• The overall U.S. insurance market size was USD 3.7 trillion in 2024 and is projected to reach USD 9.1 trillion by 2032. U.S. insurance industry net premiums written totaled USD 1.7 trillion in 2024.
• The U.S. life insurance market size was estimated at USD 1.93 trillion in 2024, with predictions to reach around USD 4.74 trillion by 2034. Another report values the U.S. life insurance market at USD 765.38 billion in 2023, expected to grow to USD 1,476.31 billion by 2032.
• The U.S. commercial insurance market is estimated at USD 271.93 billion in 2025 and is projected to grow to USD 416.83 billion by 2035.

Expected Drivers of Future Revenue Growth for NBT Bancorp (NBTB)

• Strategic Mergers and Acquisitions (M&A) and Geographic Expansion: NBT Bancorp is actively pursuing strategic mergers and acquisitions to expand its geographic reach and customer base. The successful integration of the Evans Bancorp merger, completed in May 2025, has already significantly contributed to revenue growth and established a stronger presence in Western New York's largest population centers, including Buffalo and Rochester. The company's outlook also explicitly mentions a continued focus on strategic mergers and acquisitions. Further, the opening of its first branch in Portland, Maine, indicates additional organic geographic expansion initiatives.
• Loan Growth, particularly in Commercial & Consumer Lending: NBT Bancorp anticipates loan growth of 4-5% in 2026, driven by strong commercial and industrial (C&I) and consumer lending activity. Recent periods have demonstrated diverse loan growth across core commercial lending, business banking, residential mortgage, and indirect auto businesses.
• Growth in Non-Interest Income from Fee-Based Businesses: The company's non-banking businesses, including retirement plan administration, wealth management services, and the insurance agency, are significant revenue contributors. These fee-based income streams have shown a meaningful five-year compounded annual growth rate of 9% and achieved record revenue and earnings in 2025. This growth is supported by customer account growth, favorable market performance, and policy renewals.
• Net Interest Margin Stability and Earning Asset Growth: NBT Bancorp expects its net interest margin (NIM) to remain stable, with potential for 2-3 basis points expansion per quarter, depending on asset repricing and the yield curve. The company's strategy for net interest income growth is focused on increasing earning assets. Recent improvements in NIM have been attributed to productive fixed-rate asset repricing trends and effective management of funding costs, leading to a more favorable funding mix.

Share Repurchases

• NBT Bancorp repurchased 250,000 shares of its common stock during the fourth quarter of 2025, totaling $10.2 million at an average price of $40.74 per share.
• As of December 31, 2025, 1,750,000 shares remained available for repurchase under a program authorized through December 31, 2027.
• The company purchased 1,900 shares of its common stock during the first quarter of 2024 at an average price of $33.03 per share, with 1,998,100 shares remaining available for repurchase under the plan as of March 31, 2024.

Share Issuance

• In connection with the acquisition of Evans Bancorp, Inc. on May 2, 2025, NBT Bancorp issued 5.1 million shares of common stock, valued at $221.8 million as of the closing date, contributing to a $370.1 million increase in stockholders' equity from December 31, 2024.

Outbound Investments

• NBT Bancorp acquired Evans Bancorp, Inc. on May 2, 2025, for an approximate aggregate transaction value of $236 million (based on NBT's closing stock price on September 6, 2024), adding $1.67 billion in loans, $1.86 billion in deposits, and 18 banking locations in Western New York.
• On December 5, 2022, NBT Bancorp announced a definitive agreement to merge with Salisbury Bancorp, Inc. for approximately $204 million in an all-stock transaction, expanding NBT's footprint into Connecticut, the Hudson Valley of New York, and southwestern Massachusetts.
• NBT Bancorp has completed 14 acquisitions since 2013, including the acquisition of PACO, Inc. and Karl W. Reynard, Inc. in 2024, and Retirement Direct, LLC in 2023.

Capital Expenditures

• NBT Bancorp invested $4.0 million in capital expenditures during the fourth quarter of 2025.
• Capital expenditures for the last 12 months ending in Q4 2025 were -$16.30 million.
• Investments in infrastructure, including new banking locations in South Burlington, VT and Webster, NY in Q1 2025, and increased spending on technology and data services related to the Evans acquisition, indicate a focus on expanding physical presence and integrating acquired operations.